1.For the purpose of Article 45 of Regulation (EU) 2016/679, the Republic of Korea ensures an adequate level of protection for personal data transferred from the European Union to entities in the Republic of Korea subject to the Personal Information Protection Act as complemented by the additional safeguards set out in Annex I, together with the official representations, assurances and commitments contained in Annex II.
2.This Decision does not cover personal data transferred to recipients falling within one of the following categories, to the extent all or part of the purposes of processing of the personal data corresponds to one of the purposes listed therein, respectively:
(c)entities that are subject to oversight by the Financial Services Commission for the processing of personal credit information pursuant to the Credit Information Act, to the extent they process such information.